PKR shows stability against USD

February 23, 2026 (MLN): The Pakistani rupee extended its gains against the US dollar in Monday’s interbank session, appreciating by 1.13 paisa to settle at PKR 279.55 per USD, compared with the previous close of 279.56.

During the session, the local unit traded within a narrow range, touching an intraday high (bid) of 279.70 and a low (ask) of 279.55.

In the open market, exchange companies quoted the dollar at PKR 279.80 for buying and PKR 280.60 for selling.

The rupee remained largely stable due to steady foreign exchange reserves and improved external inflows.

Foreign exchange reserves held by the State Bank of Pakistan rose by $19.1 million (0.12% WoW) to $16.197 billion during the week ended February 13, 2026, according to SBP data.

Workers’ remittances remained a key pillar of external stability. Pakistan received $3.46 billion in January 2026, slightly lower than December’s $3.592 billion (down 3.6% MoM) but significantly higher on a yearly basis.

On a year-on-year basis, remittances surged 15.4% compared with about $3 billion in January last year, indicating continued support from overseas Pakistanis.

Despite gaining against the greenback, the rupee weakened against most major global currencies. It depreciated by Rs1.72 or 0.52% against the Euro to close at 330.44, compared with the previous value of 328.72.

Against the British Pound, the local unit declined by Rs1.68 or 0.45% to 377.93 from 376.25 a day earlier. Similarly, it fell by Rs1.46 or 0.40% against the Swiss Franc to settle at 361.97.

The rupee also lost ground against the Japanese Yen, weakening by 0.42 paisa or 0.23% to close at 1.8078 versus 1.8036 in the prior session.

However, it posted marginal gains against some regional currencies. The rupee strengthened by 0.16 paisa against the Chinese Yuan to close at 40.46 from 40.47.

It appreciated by 1.50 paisa or 0.02% against the Saudi Riyal to 74.52, while also gaining 1.24 paisa or 0.02% against the UAE Dirham to settle at 76.11.

So far in the current fiscal year, the rupee has appreciated by Rs4.21 or 1.51% against the US dollar. On a calendar-year basis, it has strengthened by 57.16 paisa or 0.20%, indicating relative exchange rate stability.

In the money market, benchmark 6-month Karachi Interbank Bid and Offer Rates (KIBOR) edged up by 1 basis point to 10.33% and 10.58%, respectively.

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